Victoria Oil & Gas PLC - London-based domestic energy supplier in Africa - Says its wholly-owned subsidiary Gaz du Cameroun SA scraps United Nations Commission on International Trade Law hearing and reaches settlement agreement with RSM Production Corp, includes "the agreement of certain accounting policies and procedures, the clarification of certain decision-making processes, and an agreement on the amount of monies payable to RSM in line with their existing contractual arrangements from existing cash resources in country".
Says hearing would have cost a "substantial amount" in legal costs, but disputed amounts were "material".
In July 2016, RSM files request for arbitration with the International Chamber of Commerce regarding the operating agreement signed over the rig and drilling contractor chosen by Gaz du Cameroun for two wells at Logoba, withdrawn in January 2019 on the condition that RSM pay Gaz du Cameroun's costs. Then, in October 2018, RSM filed another ICC arbitration claim, amended in August 2019.
Latest claim in February 2020 files a separate arbitration application against the company over Logbaba participation agreement.
Current stock price: 3.78 pence in London at close on Wednesday
Year-to-date change: down 11%
By Josie O'Brien; josieobrien@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.